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Rice Farming Is Most Profitable In Nigeria Today - Akinwunmi Part3
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August 22, 2014
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8:06Now PlayingIf you are looking to invest in Nigeria, the largest Economy in Africa, you should consider rice farming which is the most profitable in the Agriculture sector, the Minister of Agriculture, Akinwunmi Adeshina said on Friday.
In an interview centred on food security and the reforms in the Agriculture sector, Mr Adeshina said that the agriculture policy of the government had opened up the sector for more investments to thrive.
He said that the government had made necessary contributions in terms of high yield seedlings for small, medium and large scale farmers.
He listed different chains in the agriculture sector that the government's transformation agenda, aimed at shifting Nigerian economy's mainstay from crude oil to agriculture, was focusing on, emphasising that 'rice is the most profitable'.
"If you invested 14 million dollars in an integrated rice mill in Nigeria today, the internal rate of return on the investment is 42 to 50 per cent and the time it takes you to pay back the investment is exactly two years. It is the most profitable thing that anyone can be doing in Nigeria today.
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